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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.2 - LICENSING OF FINANCIAL MARKETS    View history reference

Division 4 - The Australian market licence    View history reference

Subdivision C - When a licence can be varied, suspended or cancelled    View history reference

SECTION 797C  SUSPENSION OR CANCELLATION FOLLOWING HEARING AND REPORT  

 View history reference

797C(1)  [Ministerial power to issue show cause notice]  


If the Minister considers that a market licensee has breached, or is in breach of, one or more of its obligations as a market licensee under this Chapter, the Minister may give the licensee a written notice that requires the licensee to show cause, at a hearing before a specified person, why the licence should not be suspended or cancelled.

797C(2)  [Contents of show cause notice]  


The notice must specify:


(a) the grounds on which it is proposed to suspend or cancel the licence; and


(b) a reasonable time and place at which the hearing is to be held.

However, if the licensee consents, the person conducting the hearing may fix a different time or place.

797C(3)  [Conduct of hearing]  


The person conducting the hearing must:


(a) give the licensee an opportunity to be heard at the hearing; and


(b) give the Minister:


(i) a report about the hearing; and

(ii) a recommendation about the grounds in the notice on which it is proposed to suspend or cancel the licence.

797C(4)  [Ministerial power to cancel or suspend licence]  


After considering the report and recommendation, the Minister may:


(a) decide to take no further action in relation to the matter and give written advice of that decision to the licensee; or


(b) suspend the licence for a specified period, or cancel the licence, by giving written notice to the licensee.

Note: The Minister must also have regard to the matters in section 798A.


 



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